Everbright Securities says profits down 27%

BEIJING -- Everbright Securities Co said Wednesday that its first-half profits dipped 26.62 percent year on year due to the lackluster performance of China's stock market.

Net profits hit 829 million yuan ($131.59 million) during the first half, according to a statement filed to the Shanghai Stock Exchange.

Investment income dwindled 82 percent yeaf on year to 79 million yuan, while income from fee-based services and commissions slid 25 percent to 777 million yuan, according to the statement.

Analysts pointed to the country's sluggish stock market as the main culprit behind the company's sharp profit decline.

Turnover on the A-share market fell 29 percent from one year earlier in the first half, while total proceeds raised from initial public offerings plunged 54 percent year on year, according to Wind Information, a leading financial information service.

The brokerage said Tuesday that it plans to raise over 7 billion yuan through a private placement to replenish its working capital and expand its business.

The company said it plans to issue 600 million new shares at a minimum price of 11.74 yuan per share.

The brokerage's shares slumped 5.5 percent to close at 12.71 yuan Wednesday.